CNOOC makes offshore wind market return

Chinese state-run energy giant CNOOC has made a returned to the offshore wind sector with its first investment since 2014.

Yuan Guangyu, CEO of CNOOC, said in a press conference in Hong Kong yesterday that the group is looking to expand in the offshore wind business again and has made an investment in an offshore wind farm project in Jiangsu this month, believing it to be a growth sector.

According to Yuan, the group is now in negotiation with a number of contractors in the offshore wind sector for potential collaborations in the project.

“It is a great opportunity for us to explore the offshore wind power business as we have rich resources in offshore engineering and great experience in offshore operation,” Yuan added.

CNOOC sold off a large part of its offshore wind assets in 2014 due to continuous losses in the sector.

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